Messari researcher anastasiia said Ethena’s revised fee switch would use USDe’s 14-day average supply as the trigger, with higher revenue take rates kicking in step by step at $7.5 billion, $10 billion, $15 billion, and $20 billion thresholds. Under the proposal, part of the revenue previously directed to sUSDe staking, partners, and Aave leverage activity would be redirected to ENA buybacks. Backtesting cited in the post showed that during periods when the switch was active, annualized buybacks would total about $52.7 million, equal to 3.36% of ENA’s market capitalization at the report price. The analysis also said roughly 9.3% of active days would push sUSDe yield below sUSDS. Separately, the Ethena Foundation released four ecosystem adjustments, including a governance proposal to start ENA buybacks and the cancellation of monthly VC unlocks.
ChainCatcher reported that Messari researcher anastasiia said Ethena’s revised fee switch would be triggered by USDe’s 14-day average supply, with revenue take rates increasing in tiers at $7.5 billion, $10 billion, $15 billion, and $20 billion.
Under the proposed design, part of the revenue previously allocated to sUSDe staking, partners, and Aave leverage activity would be redirected to ENA buybacks. Backtesting showed that while the switch was active, annualized buybacks would reach about $52.7 million, equivalent to 3.36% of ENA’s market capitalization at the report price.
The analysis also said that on about 9.3% of active days, sUSDe yield would fall below sUSDS. The Ethena Foundation has also announced four ecosystem changes, including the launch of a governance proposal for ENA buybacks and the cancellation of monthly VC unlocks.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
